Five reasons compliance reviews are trending right now
A slew of intensifying pressures warrant additional care with governance, risk and compliance initiatives.
Even credit unions with top-notch compliance programs are applying extra scrutiny to their operations this year. That’s because a slew of intensifying pressures warrant additional care and feeding of governance, risk and compliance initiatives.
What follows are the five emerging market realities inspiring more credit unions to perform thorough compliance reviews in 2023, along with action steps we expect compliance teams to take this year.
1. Pandemic-Era Policy Changes Linger Undocumented
There is no doubt the quick-thinking action that credit unions took to help their members during COVID-19 layoffs and lockdowns had a positive impact on millions. Thanks to regulatory examiners who understood the upside of on-the-fly changes, credit unions were given some leeway when it came to implementing relief programs. When credit unions made adjustments to policies and procedures during the early days of the pandemic, they often went by without documentation. As new employees entered the fray, disrupted operations became the new status quo.
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